TGBL.L Regulatory News (TGBL)

1 Jun 2007 14:55

Tata Tea Limited01 June 2007 This is to inform you that a meeting of the Board of Directors of the Companyheld today, the following items have been approved by the Board: 1. Subscription on Preferential basis to 5099396 shares of Mount Everest Mineral Water Limited The execution of a Share Subscription agreement dated June 1, 2007 between theCompany, Mount Everest Mineral Water Limited(MEMW), a company incorporatedunder the Companies Act, 1956 whose shares are listed with the Bombay StockExchange Ltd, Foresight Holdings Private Ltd and Mr Vinod Sethi , Promoters ofMEMW for the issue and allotment of 5099396 equity shares of MEMW at a priceof Rs.140 per share on Preferential basis, subject to approval of theshareholders of MEMW and such other approvals as may be necessary. 2. Acquisition of 31,10,440 shares of Mount Everest Mineral WaterLimited The execution of the Share Purchase Agreement dated June 1, 2007 between theCompany, Foresight Holdings Private Limited("FHPL"), Mr. Vinod SethiMEMW, and Mr Salim Govani, Managing Director of MEMW and the proposedacquisition of 22,50,000 equity shares of MEMW from FHPL and 8,60,440 equityshares from Mr. Vinod Sethi constituting in the aggregate 10.764 % of the paidup equity capital of MEMW at a price of Rs. 140 per equity share, on termsand conditions more particularly set out in the Share Purchase Agreement 3. Public announcement to shareholders of MEMW Since the proposed investment and acquisition of shares of MEMW by the Companywill trigger the provisions of SEBI (Substantial Acquisition of Shares &Takeover), Regulations, 1997 ("Takeover Code") the Company proposes tomake a public announcement to acquire from the public shareholders of MEMW("Open Offer"), including but not limited to those tendered pursuantto the Open Offer up to 20% of the emerging paid-up capital of MEMW at a priceof Rs. 140 per equity share or such other higher price as may be directed bySEBI in compliance with the requirements of Regulation 10 and 12 of the TakeoverCode. The public announcement is required to and shall be made in terms ofRegulation 15 of the Takeover Code in newspapers within the time prescribedunder the aforesaid Regulations. This information is provided by RNS The company news service from the London Stock Exchange